Between 2010 and 2012 the managing directors of 1 Stop Financial Services – Andrew Rees and Timothy Hughes – advised nearly 2,000 customers on switching their existing pensions into SIPP’s. The value of which was £122m.
These SIPP’s contained investments in products such as diamonds and overseas property, which are considered high risk and often unregulated.
Harlequin Property is one of the investments 1 Stop clients are known to have been invested in.
High-risk investment can be great for the right kind of investor. Someone who can afford to take the risks and possible losses and understands that’s the case.
But if you can’t afford the losses and don’t really understand how high-risk investment works, then you are probably not suitable for these types of investment. More importantly you probably shouldn’t have been advised into them anyway.
Negligent financial advice is one of the biggest factors in pension transfer mis-selling.
In 2019 1 Stop Financial Services were reported as being the number 1 advice firm to receive complaints against them via the FSCS, with a total of 1,254.
It was also reported at the time that these individuals not only failed in checking the client’s suitability for the investments, but also failed to adequately disclose a conflict of interest to their clients. This being that they had received referrals from introducer firm EGI, which they also had shares in.
In 2014 the Financial Conduct Authority banned 1 Stop Financial from “performing any significant influence functions with regard to regulated activity” and they ceased trading.
The directors were fined over £400k by the FCA which was used to help fund compensation claims made against them via the FSCS.
If you were advised to transfer into a SIPP and you have concerns about the advice you received or the investments within the SIPP we may be able to help.
We offer a free initial check to see if you may have been mis-sold. It’s just a simple chat with one of our team who can briefly assess if you may have a case. There’s no obligation to use our service.
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You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.